Shattuck Labs, Inc. (STTK) · Nov 5, 2026 · Earnings
Miss — EPS $(0.14) vs approximately $(0.10) consensus; revenue $0 vs approximately $33K
Shattuck Labs’ Q3 earnings missed consensus, while SL-325 moves toward Phase 2 studies and cash remains sufficient into 2029.
Shattuck is a clinical-stage biotech shifting from early validation of its DR3 antibody platform into Phase 2 testing of SL-325, with Crohn’s disease and hidradenitis suppurativa now the main near-term development programs. The HS expansion and unchanged 2029 runway were already disclosed in October, so this filing mainly confirms execution rather than introducing a new strategic direction.
The quarter missed the modest financial benchmark. Shattuck reported a net loss of $0.14 per share versus a published estimate of approximately $0.10 loss, while revenue was zero against roughly $33,000 expected. The loss widened to $25.2 million from $10.1 million as research and development spending rose sharply with the company moving SL-325 and SL-846 further into development.
| Q3 2026 | Q3 2025 | Consensus | |
|---|---|---|---|
| Net loss (Income Statement) | $25.2M | $10.1M | |
| Loss per share (Income Statement) | $(0.14) | $(0.14) | $(0.10) |
| Revenue (Income Statement) | $0 | $1.0M | $0.033M |
| R&D expense (Income Statement) | $21.6M | $7.6M | |
| Cash and short-term investments (Balance Sheet) | $196.3M |
The business program is advancing, but the milestones are mostly confirmation. Shattuck expects to initiate the approximately 150-patient RECEPTIVE-HS1 Phase 2 trial in HS during the fourth quarter of 2026, while Crohn’s Phase 2 induction data remain targeted for the first half of 2028. 〔0〕 The filing also points to initial Phase 1 data for SL-846 in 2027, but supplies no new clinical efficacy data that would materially change the investment case today.
Funding remains adequate for the current plan. Cash, cash equivalents, and short-term investments totaled $196.3 million at quarter-end, down from approximately $208.3 million at June 30, but management maintained its expectation of funding operations into 2029. 〔1〕 That runway supports the next development steps, though rising R&D expense shows the cost base is increasing as Phase 2 work begins.
Bottom line: This is a modest earnings miss against a low bar, partly offset by steady clinical execution and unchanged funding visibility. The filing reinforces Shattuck’s existing Phase 2 story rather than materially rewriting it.
RECEPTIVE-HS1 Phase 2 initiation, expected Q4 2026
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